4 September 2012 – final results

The group has announced further strong progress in the year to 30 June with revenues up almost 10% at £426m and underlying pre-tax profits also up by almost 10% at £33.0m.  Underlying earnings per share rose by 2.7% to 32.4p, reflecting the bonus element of the rights issue during the year.  Net debt has increased to £86.7m from £34.1m mainly due to the €135m acquisition of Eurovet Animal Healthcare.  The shares now look to be up with events and we reduce our recommendation to HOLD.